Overview

The Asset Management Corporation of Nigeria (AMCON) Amendment Act, 2021, officially enacted as Act No. 13, amends the principal Act No. 4 of 2010. The amendment extends the tenor of the Resolution Cost Fund, grants AMCON access to the Special Tribunal established under the Banks and Other Financial Institutions Act, 2020, and confers on the Corporation enhanced powers to take possession, manage, foreclose, sell, transfer, assign, or otherwise deal with assets or property used as security for eligible bank assets. Key changes include: 1) Amendment of Section 34 to empower AMCON to acquire legal title to eligible bank assets and all related assets (tangible or intangible) regardless of whether the debtor's interest is equitable, and to exclude other creditors from such assets; sale or transfer certificates executed by AMCON are deemed valid registrable instruments under all land registration laws. 2) Amendment of Section 45 to provide that certificates of judgment or documents evidencing title from AMCON proceedings constitute valid instruments of title in all land registries. 3) Insertion of a new Section 53A allowing AMCON to commence debt recovery actions at the Special Tribunal established under the Banks and Other Financial Institutions Act, 2020. 4) Amendment of Section 61 to extend the tenor of the Resolution Cost Fund. The Act was enacted by the National Assembly on 1st November 2021 and published in the Federal Republic of Nigeria Official Gazette Vol. 108, No. 207, on 19th November 2021.

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